Detailed text transcripts for TV channel - MSNBC - 20111020:03:36:00
A family of four making $50,000 a year, married, filing jointly, with two dependent children, would see a dramatic increase. that family making $50,000 a year currently pays about $8,400 in payroll taxes and federal income tax. that's their federal tax burden. $8,400. under cain's 9-9-9, their tax burden would increase, federal tax burden, to $13,500. that same family making $1 million a year, that same shaped family making $1 million a year, is currently paying $289,000 in federal income tax after a $50,000 mortgage deduction and a $25,000 charitable deduction, which is reasonable to assume a...